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Cairn India plans to invest $200 million in Rajasthan block

20 Jun 2014 Evaluate

Cairn India is planning to invest $200 million in developing natural gas finds in the largely oil-bearing Rajasthan block during 2015-17. The $200 million investment over the next three years will be towards developing existing Raageshwari Deep Gas field and associated field facilities and pipeline.

Cairn which in January 2004 began the Rajasthan success story with discovery of Mangala field - the largest onshore oil find in India in the last two decades, has till date made 31 discoveries in the Barmer basin block.

Recently, the company received environmental nod to increase production from Rajasthan Block to 3 lakh barrels per day. Rajasthan block has been known for its oil reserves, but it could produce significant amount of gas in the next two-three years.

Peers
Company Name CMP
ONGC 279.25
Oil India 454.40
Jindal Drilling&Inds 535.85
Deep Industries 457.70
Asian Energy Service 297.85
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